Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Dr Your friend has asked you to produce financial statements for his business Mates Incorporated for the year 1 July 2018 to 30 June 2019.
Dr Your friend has asked you to produce financial statements for his business Mates Incorporated for the year 1 July 2018 to 30 June 2019. To make your job a little more difficult he has produced his adjusted trial balance in alphabetical order as he was unaware of the proper order. Produce an Income Statement (Inc Trading Statement), Statement of Changes in Equity and Balance Sheet. Select from the Drop Down menu or enter an account or number in blank boxes. Do not use punctuation in answers. If the business had incurred a loss then add a negative to the amount in the Income Statement (eg -5000). Expenses should be listed in alphabetical order. Account Cr Accounts Payable 3000 Accounts Receivable 3000 Accumulated Depreciation 55001 Cash At Bank 8000 COGS 4500 Depreciation Expense 5001 Drawings 5001 Inventory 2000 Office Equipment 10500 Office Supplies 1000 Office Supplies Expense 1000 Owners Capital 13000 Salaries Expense 4000 Sales Revenue 9000 Unearned Service Revenue 4500 Total 35000 35000 Mates Incorporated Income Statement Less: Net Profit / -Loss Mates Incorporated Statement of Changes in Equity Add: Less: Add: Less
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started